DR. MAES ILSE: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
DR. MAES ILSE
Largest movements
- Cash -€98,096
down €98,096 (-86.0%), from €114,065 to €15,968
mainly Investment in fixed assets (net) (-€82,824) and Current investments (-€40,000)
- Tangible fixed assets +€61,195
up €61,195 (+23.6%), from €259,384 to €320,579
of which Furniture and vehicles: +€43,053
- Current investments +€40,000
new in 2025: €40,000
- Receivables after one year +€31,351
up €31,351 (+20.1%), from €155,695 to €187,046
- Receivables within one year -€10,501
down €10,501 (-91.3%), from €11,501 to €1,000
of which Other amounts receivable: -€11,501
- Current portion of long-term debt +€10,311
up €10,311 (+26.5%), from €38,941 to €49,252
- Reserves +€9,683
up €9,683 (+3.3%), from €297,762 to €307,445
of which Distributable reserves: +€9,683
- Taxes -€16,271
down €16,271 (-39.2%), from €41,502 to €25,231
- Gross operating margin -€14,463
down €14,463 (-11.7%), from €123,231 to €108,768
- Depreciation +€9,524
up €9,524 (+78.7%), from €12,105 to €21,629
- Other operating charges -€3,231
down €3,231 (-87.9%), from €3,677 to €445
- Financial income -€1,759
down €1,759 (-72.3%), from €2,432 to €673
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €542,117 | €566,625 | +€24,508 | +4.5% |
| Fixed assets | 21/28 | €259,384 | €320,579 | +€61,195 | +23.6% |
| Tangible fixed assets | 22/27 | €259,384 | €320,579 | +€61,195 | +23.6% |
| Land and buildings | 22 | €226,587 | €232,954 | +€6,366 | +2.8% |
| Plant, machinery and equipment | 23 | €13,955 | €25,730 | +€11,775 | +84.4% |
| Furniture and vehicles | 24 | €17,906 | €60,959 | +€43,053 | +240% |
| Other tangible fixed assets | 26 | €935 | €935 | = | 0.0% |
| Current assets | 29/58 | €282,734 | €246,046 | -€36,687 | -13.0% |
| Amounts receivable after more than one year | 29 | €155,695 | €187,046 | +€31,351 | +20.1% |
| Other amounts receivable | 291 | €155,695 | €187,046 | +€31,351 | +20.1% |
| Amounts receivable within one year | 40/41 | €11,501 | €1,000 | -€10,501 | -91.3% |
| Trade receivables | 40 | €0 | €1,000 | +€1,000 | |
| Other amounts receivable | 41 | €11,501 | €0 | -€11,501 | -100% |
| Current investments | 50/53 | - | €40,000 | +€40,000 | |
| Cash at bank and in hand | 54/58 | €114,065 | €15,968 | -€98,096 | -86.0% |
| Deferred charges and accrued income | 490/1 | €1,473 | €2,032 | +€559 | +38.0% |
| Total equity and liabilities | 10/49 | €542,117 | €566,625 | +€24,508 | +4.5% |
| Equity | 10/15 | €316,362 | €326,045 | +€9,683 | +3.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €297,762 | €307,445 | +€9,683 | +3.3% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €295,902 | €305,585 | +€9,683 | +3.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €225,756 | €240,580 | +€14,825 | +6.6% |
| Amounts payable after more than one year | 17 | €178,518 | €182,852 | +€4,334 | +2.4% |
| Financial debts | 170/4 | €178,518 | €182,852 | +€4,334 | +2.4% |
| Amounts payable within one year | 42/48 | €47,238 | €57,513 | +€10,275 | +21.8% |
| Current portion of amounts payable after more than one year | 42 | €38,941 | €49,252 | +€10,311 | +26.5% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €5,712 | €4,032 | -€1,680 | -29.4% |
| Suppliers | 440/4 | €5,712 | €4,032 | -€1,680 | -29.4% |
| Taxes, remuneration and social security | 45 | €2,585 | €4,029 | +€1,444 | +55.9% |
| Taxes | 450/3 | €2,585 | €4,029 | +€1,444 | +55.9% |
| Other amounts payable | 47/48 | - | €200 | +€200 | |
| Accrued charges and deferred income | 492/3 | - | €216 | +€216 | |
| Non-recurring operating income | 76A | - | €3,055 | +€3,055 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,105 | €21,629 | +€9,524 | +78.7% |
| Other operating charges | 640/8 | €3,677 | €445 | -€3,231 | -87.9% |
| Non-recurring operating charges | 66A | €0 | €2,661 | +€2,661 | |
| Gross operating margin | 9900 | €123,231 | €108,768 | -€14,463 | -11.7% |
| Operating profit (loss) | 9901 | €107,450 | €84,033 | -€23,417 | -21.8% |
| Financial income | 75/76B | €2,432 | €673 | -€1,759 | -72.3% |
| Recurring financial income | 75 | €2,432 | €673 | -€1,759 | -72.3% |
| Financial charges | 65/66B | €13,304 | €11,673 | -€1,631 | -12.3% |
| Recurring financial charges | 65 | €13,304 | €11,673 | -€1,631 | -12.3% |
| Profit (loss) for the period before taxes | 9903 | €96,578 | €73,032 | -€23,546 | -24.4% |
| Income taxes | 67/77 | €41,502 | €25,231 | -€16,271 | -39.2% |
| Profit (loss) for the period | 9904 | €55,076 | €47,801 | -€7,274 | -13.2% |
| Profit (loss) for the period to be appropriated | 9905 | €55,076 | €47,801 | -€7,274 | -13.2% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 24 October 2026 via checked.be.